Notwithstanding any general or special law to the contrary, the Town of Abington may establish and maintain a special account known as the Capital Improvement Trust Fund, and may raise and appropriate money therefore.

Section 2.  The Town of Abington may appropriate to the fund by majority vote at an annual or special town meeting in any year amount not to exceed 10 percent of the amount raised in the preceding year by taxation of real estate and tangible personal property.  The aggregated amount of the fund at any time shall not exceed 10 percent of the equalized valuation of said town as defined in section 1 of chapter 44 of the General Laws.

Section 3.  The Town of Abington may, by a By-Law enacted by a 2/3 majority cot at an annual or special town meeting, direct that 10 percent of the Town’s free cash as certified by the Department of Revenue in ay given fiscal year and a fixed percentage of 10 percent of any new growth in tax revenue as certified by the Bureau of Local Assessment in any given year, be deposited in said Capital Improvement Fund.

Section 4.  The Town of Abington may appropriate by majority vote at any annual or special town meeting any principal and interest within the find for any capital purchase or principal debt payment for any capital purchase.  Capital purchase is defined as any item with a cost of at least $ 10,000.00 (Ten Thousand Dollars) and life expectancy of 3 or more years.

Section 5. If, upon declaration of the town department of committee responsible for oversight of a project referenced herein that the project is completed, there remains a balance in the special fund attributable to that project, that balance shall remain in the Capital Improvement Trust Fund.

Section 6.  This act shall take effect upon its passage.